• Mobile Banking Apps

    How Safe Are Mobile Banking Apps?

    Did you know that according to the Payments Council of UK, currently there are 356 million mobile banking transactions around the world? And this data would rise to 1.5 billion transactions per year by 2020, the organisation said. http://www.telegraph.co.uk/finance/personalfinance/10266623/Safety-fears-over-mobile-banking.html Throughout the world, mobile phones are used extensively to do banking related tasks. But is it safe? Through the mobile apps, banks allow different services and each of these tasks involve different levels of risks. For example, the “Text update” or “Notifications” facility whereby you receive notifications and updates has less risk as they do not connect directly to your account. However, services like login and transaction facilities pose grave risks…